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Mega Millions Annuity Jackpot Analysis for New Jersey

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The Mega Millions annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $192,000,000 would be for a resident of New Jersey, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

New Jersey

Drawing Date:  Tue, Apr 23, 2019
Jackpot:$192,000,000
Federal Tax:  24%
State Tax:8.00%
Report:Mega Millions annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,889,876$693,570$231,190$1,965,115
2$3,034,369$728,249$242,750$2,063,371
3$3,186,088$764,661$254,887$2,166,540
4$3,345,392$802,894$267,631$2,274,867
5$3,512,662$843,039$281,013$2,388,610
6$3,688,295$885,191$295,064$2,508,040
7$3,872,710$929,450$309,817$2,633,443
8$4,066,345$975,923$325,308$2,765,115
9$4,269,662$1,024,719$341,573$2,903,370
10$4,483,145$1,075,955$358,652$3,048,539
11$4,707,303$1,129,753$376,584$3,200,966
12$4,942,668$1,186,240$395,413$3,361,014
13$5,189,801$1,245,552$415,184$3,529,065
14$5,449,291$1,307,830$435,943$3,705,518
15$5,721,756$1,373,221$457,740$3,890,794
16$6,007,844$1,441,883$480,628$4,085,334
17$6,308,236$1,513,977$504,659$4,289,600
18$6,623,648$1,589,675$529,892$4,504,080
19$6,954,830$1,669,159$556,386$4,729,284
20$7,302,572$1,752,617$584,206$4,965,749
21$7,667,700$1,840,248$613,416$5,214,036
22$8,051,085$1,932,260$644,087$5,474,738
23$8,453,639$2,028,873$676,291$5,748,475
24$8,876,321$2,130,317$710,106$6,035,898
25$9,320,137$2,236,833$745,611$6,337,693
26$9,786,144$2,348,675$782,892$6,654,578
27$10,275,452$2,466,108$822,036$6,987,307
28$10,789,224$2,589,414$863,138$7,336,672
29$11,328,685$2,718,884$906,295$7,703,506
30$11,895,120$2,854,829$951,610$8,088,681
Total$192,000,000$46,080,000$15,360,000$130,560,000
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